CAN YOU REFI YOUR PRIMARY MORTGAGE WITH OUT COMBING YOUR HELOC LOAN?
CAN YOU REFIANCE YOUR PRIMARY MORTGAGE WITH OUT COMBING YOUR HELOC LOAN
Answers:
Hi, usually you can not and if you utilized the equity line within one year you loan will be base on "cash out" refi guidelines. But, never say never, depending on the two lenders and the loan to utility of the first mortgage, it can be done. Let's say for example the HELOC lender will make you a trial first mortgage. It can be done two ways. First they can subordinate the second (heloc) loan in favor of the new first mortgage by a subordination agreement. Secondly, they can release the heloc loan at settlement, bring in the new first mortgage and refile the heloc loan again as a second. Your loan to value will be an key issue as well. If they are different lenders, it can work the same bearing IF the closing agent and the two lenders agree, not a big deal, but it is cumbersome. Otherwise, pay the HELOC rotten if you can, interest would be cheaper and under much better terms! Good luck! Source(s): Owner of a mortgage company, long-gone bank examiner for FDIC.
You can if your heloc mortgage company agrees to subordinate and you have plenty equity although there is the possibility to do an FHA loan for the 1st mortgage which would allow you to exceed 100% loan to value. Source(s): I'm a mortgage banker/broker
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Answers:
Hi, usually you can not and if you utilized the equity line within one year you loan will be base on "cash out" refi guidelines. But, never say never, depending on the two lenders and the loan to utility of the first mortgage, it can be done. Let's say for example the HELOC lender will make you a trial first mortgage. It can be done two ways. First they can subordinate the second (heloc) loan in favor of the new first mortgage by a subordination agreement. Secondly, they can release the heloc loan at settlement, bring in the new first mortgage and refile the heloc loan again as a second. Your loan to value will be an key issue as well. If they are different lenders, it can work the same bearing IF the closing agent and the two lenders agree, not a big deal, but it is cumbersome. Otherwise, pay the HELOC rotten if you can, interest would be cheaper and under much better terms! Good luck! Source(s): Owner of a mortgage company, long-gone bank examiner for FDIC.
You can if your heloc mortgage company agrees to subordinate and you have plenty equity although there is the possibility to do an FHA loan for the 1st mortgage which would allow you to exceed 100% loan to value. Source(s): I'm a mortgage banker/broker
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